Cheat the Cheaters - Automation Enforces Compliance
No company likes to think of its employees committing fraud. But a study shows that a full 10 percent of employees claimed to pad their expense reports by $100 or more. One of the reasons cited for cheating is that the employee felt that traveling for business is an inconvenience and they should receive additional compensation.
Others stated they were sure they forgot to enter other expenses on a prior expense report, so they sought reimbursement now.
A Web-based expense management system is the single most effective tool to help ensure compliance to company spending policies. That's because the spending limits and expense policies are built right into the system. In real time, a red flag appears on a line item. Your employees will know immediately when an expense report falls outside the company policy.
There is no ambiguity because policy violations are clearly spelled out. If your employee lists a $300/night hotel, a pop-up box explains that $200/night is the max.
By using a corporate credit card, the number of falsified receipts is reduced. That's because all actual expenses are captured on the credit card statement. If cash is paid for an expense, receipts can easily be uploaded to the expense management system. These are permanently attached to the report. If a manager wants to review the receipt, all he/she has to do is click on it to review the details.
Let us show you how expense management software can streamline your expense submissions and approvals, here.